Bitcoin Surges as Trump Calls for Hold

This past weekend, at the “Bitcoin 2024” conference in the United States, presidential candidate Trump gave a major speech. Contrary to expectations, Trump did not designate bitcoin as a strategic reserve asset. However, he advised: “Never sell bitcoin,” and indicated that, if elected, his administration would also choose not to sell the BTC held by the US government.

Trump promised to make the United States a world leader and superpower in cryptocurrency. Against this backdrop, the price of bitcoin climbed to its highest level in the past seven weeks, almost $70,000, on July 29, 2024. In the morning, trading was hovering around $69,500. Compared to the July low of $53,500, BTC has seen a significant increase of around 30%.

Bitcoin 2024 Goals and Expectations

In the short term, the $68,000-$69,000 range, where the 5-day moving average is located, stands out as the initial trend. If Bitcoin falls below this zone, it could fall back to $65,000.

On the upside, the $70,000 level represents a psychological resistance that warrants careful observation. If BTC breaks this resistance, the next technical target is $72,000.
Municipalities are also investing in BTC.

Meanwhile, the BTC trend is catching on in U.S. municipalities. Jersey City Mayor Steven Fulop announced that the city’s pension fund would invest in Bitcoin ETFs. The state of Wisconsin previously made a similar BTC investment, holding $164 million worth of BTC. Analysts expect other states and municipalities to follow suit.

Profit taking warning

According to analysts, more than $1 billion flowed into Bitcoin ETFs in the United States last week. They emphasize that investors have met short-term expectations, made significant gains and are approaching key resistances. Since Trump has not defined bitcoin as a reserve asset, profit-taking may occur and investors should remain cautious.